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More than £131 million denied to criminals as a result of AML efforts

13 December 2019

The National Crime Agency has released its annual report on Suspicious Activity Reports (SARs) in relation to money laundering and terrorist financing. Estate agents made 635 SARs reports in the past year, which made up 0.13 per cent of total SARs and is 10.56 per cent fewer than last year. Read More...

General Election and Brexit add to uncertainty weighing on housing market confidence

11 December 2019

Brexit and the General Election result pose two of the biggest risks to the stability of the housing market in 2020, the Building Societies Association’s quarterly Property Tracker survey reveals. A rise in the cost of living and weak economic growth is also significant perceived risks. Read More...

First time buyers hold many misconceptions

Thursday 19 September 2019

A new study from Santander Mortgages has revealed striking misconceptions and knowledge gaps among aspiring first-time buyers as they prepare to make their most major purchase.

The survey of 2,000 non-homeowners suggests first-time buyers need some help to be better informed about the homebuying process.

Major misconceptions

More than three quarters (76 per cent) of respondents thought ‘LTV’ stands for ‘Long Term Value’ and related to a projected increase in property value.

More than 70 per cent thought the seller is obliged to tell buyers about any problems with the property during a viewing.

More than three fifths of respondents believed mortgage interest rates are lower in parts of the UK where house prices are cheaper.

But while aspiring new homeowners may lack some knowledge about various aspects of the homebuying process, they are typically prepared for the financial costs associated with getting on the ladder. On average, new buyers are overestimating the typical fees involved for solicitors, surveys, removals and land registration. And while 58 per cent admit they do not know what stamp duty actually is, new buyers are aware that it is an added cost that they must factor into the purchase.

Propertymark Protected

Given the amount of uncertainty among new buyers that this data suggests, it is even more important to reassure buyers that by using a NAEA Propertymark estate agent, they are guaranteed to be consulting with a professional agent who can give up-to-date advice and guidance.

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Propertymark has a collection of home buying advice and guides, explaining everything from first tine buyer schemes and getting on the property ladder, to choosing a conveyancer, shared ownership and more.  

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